CFTC Imposes Permanent Trading Ban on Roeder and Company and Orders
Payment of Restitution and Penalties

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced
today the settlement of an action filed on February 28, 2000, against
Currency Trading Systems (Currency Trading), a former California
company, the president of Currency Trading, Joyce Roeder (Roeder),
of Yorba Linda, California, and two Currency Trading seminar trainers,
Glenn Cybulski (Cybulski) of San Rafael, California and
Michael Stewart (Stewart) of Cave Creek, Arizona. The CFTC
complaint charged that respondents engaged in fraud in soliciting
students to pay for training in commodity futures trading (see CFTC News
Release 4369-00, February 28,
2000).

The CFTC settlement order
finds that from approximately February 1997 until July 1998, the
respondents fraudulently solicited the public to attend seminars and to
purchase trading software, in order to trade commodity futures contracts,
at a cost of $4,500. According to the order, in their advertisements,
promotional materials, and other solicitation materials, respondents
consistently misrepresented the performance and profitability record of
their trading system, their personal trading success, the risks involved
in trading, and their backgrounds and experience.

Specifically, the order finds that respondents claimed that they had been
able to average gains of 5 percent to 10 percent each day in their
capital account when, in fact, respondents consistently lost money in
their personal trading pursuant to the trading system.

The order also finds that respondents presented hypothetical trading
results without including the required cautionary statement concerning
the limitations of hypothetical results. According to the order, this
misled clients into believing that the phenomenal hypothetical results
being touted were actual results achieved by Currency Trading.

Additionally, the order finds that Roeder personally managed four client
accounts without having the necessary registration with the CFTC and that
she failed to provide her managed account clients with required
disclosures.

The CFTC order provides for the following sanctions and other
relief:

requires each of the respondents to cease and desist from further
violations of the Commodity Exchange Act and Regulations as charged;

imposes a permanent trading ban on Roeder and Currency Trading;

assesses restitution against Roeder and Currency Trading of up to
$760,500 and a contingent civil monetary penalty of up to $760,500,
pursuant to a payment plan;

requires Cybulski to pay restitution of $21,300 and a civil monetary
penalty of approximately $84,000 and Stewart to pay restitution of
$13,500 and a civil monetary penalty of approximately $21,000; and

requires each respondent to comply with undertakings, including never
applying for registration with the CFTC and never acting as an officer,
principal or employee of a CFTC registrant.

In consenting to the entry of the order and the findings in the order,
the respondents neither admitted nor denied the findings of the order or
the allegations of the complaint.

To see a copy of the Settlement Order, go to the following Internet
web address http://www.cftc.gov/